StopDownOpen the app

Results · Financial Services

Pine Labs shifts strategy in first post-listing earnings call

By ·

Pine Labs logo
Date
Company
Pine Labs
What it does
Merchant payment and issuing platform
Kind
Results
Stage
public
Sector
Financial Services

What they do

Pine Labs now sells 25-30% of new terminals instead of leasing them, lowering reported margins but improving cash efficiency

What happened

It disclosed a nearly Rs 100 crore annual revenue credit issuing and acquiring business, spanning gift cards, prepaid cards, and forex cards across 20 countries

Why it matters

Planned new products include meal, fuel, and expense cards by October, and gift card distribution expanded via Blinkit, Zepto, and Roblox

The details

  • Pine Labs held its first post-listing earnings call and disclosed several strategy shifts beyond its core payments business.
  • The company changed its POS terminal model: 25-30% of new deployments now require merchants to buy hardware upfront instead of leasing.
  • This new model lowers reported contribution margins but reduces depreciation and improves cash efficiency.
  • Pine Labs revealed a credit issuing and acquiring processing business with nearly Rs 100 crore annual revenue, not previously disclosed.
  • The issuing platform spans nearly 20 countries, covering gift cards, prepaid cards, forex cards, and open-loop products.
  • Planned new products by October include meal cards, fuel cards, expense cards, and direct-to-consumer prepaid products.
  • Gift card distribution started through Blinkit and Zepto quick-commerce platforms and is expanding into gaming via Roblox gift cards and in-app purchases.
  • Pine Labs demonstrated what it called India's first agentic payment: an AI agent completed a UPI mandate transaction.

The bigger picture

  • The earnings call provides the first detailed look at Pine Labs' strategy as a public company.
  • The shift from leasing to selling terminals indicates a focus on cash efficiency and lower depreciation costs.
  • The disclosure of a Rs 100 crore credit issuing business shows a new revenue stream beyond traditional payments.
  • Expansion into quick-commerce and gaming for gift cards signals a push into consumer-facing channels.
  • The agentic payment demo highlights Pine Labs' investment in AI for payments innovation.

About the business

  • Pine Labs provides payment terminals and issuing solutions for merchants.
  • Its issuing platform spans nearly 20 countries, covering gift cards, prepaid cards, forex cards, and open-loop products.
  • The company has a credit issuing and acquiring processing business with nearly Rs 100 crore annual revenue.
  • It has deployed 30,000 terminals with GCash in the Philippines.
  • Pine Labs won British Airways as a gift card platform client.
  • It is expanding operations in Singapore and UAE.
  • Nearly 90% of new code across several divisions is written using AI-assisted tools.
  • The company added 500 sales employees in the past six months for merchant acquisition and enterprise sales.

What happens next

  • Pine Labs plans to launch new products by October: meal cards, fuel cards, expense cards, and direct-to-consumer prepaid products.
  • It will continue expanding gift card distribution into gaming via Roblox gift cards and in-app purchases.
  • The company is expanding operations in Singapore and UAE.
  • It aims to deploy 125,000-130,000 terminals annually.

The deal

Type
results

Founders

  • Amrish Rau, CEO
  • Nitin Bajaj, Co-founder

Other articles talking about it

Read it as a card in the app

More on Pine Labs

Everything on Pine Labs →

Same day

All startup news on 3 August 2026 →